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Edison and Ambient Announce Partnership for Development of Power Line Communications Technology
NEW YORK--(BUSINESS WIRE)--Feb. 14, 2002--Ambient Corporation (OTC BB: ABTG), a provider of Power Line Communications (PLC) technology, and Consolidated Edison Company of New York, Inc., a subsidiary of Consolidated Edison, Inc. (NYSE: ED, one of the nation's largest investor-owned utilities, today jointly announced the conclusion of a comprehensive Research & Development Partnership Agreement.
Under the terms of the agreement, Consolidated Edison of New York, Inc. will advance to Ambient Corporation the amount of $325,000 so that Ambient can immediately begin to test and deploy its proprietary technology over Consolidated Edison's electrical power lines and grid.
A fully functioning consumer demonstration of broadband, utilizing Ambient's PLC technology is expected to be held in the Spring of 2002. Ambient's end-to-end solution is expected to enable the transport of data over medium-voltage and low-voltage power lines, beginning with the backhaul link to the end-users pc. Following the demonstration phase, larger field trials will take place that will test the technology in Con Edison customer's homes and residences.
John Joyce, CEO of Ambient Corporation stated, "Con Edison and Ambient have always shared a special relationship. Con Edison was the first member to join the Ambient Board of Advisors in 2000. In the intervening years, Con Edison has invited and encouraged Ambient to test and perfect its technology at Con Edison facilities in Buchanan, NY and Astoria, Queens. In short, they have been supportive friends and advisors."
"The announcement of this development contract, coupled with last month's announcement of a development relationship with Southern Telecom, Inc., marks an exciting new phase both in Ambient's history as well as for the Power Line Communications industry. Under this agreement, we will endeavor to deploy our proprietary technology over Con Edison's actual power lines."
"Today's agreement reinforces Con Edison's long-standing commitment to keeping pace with the most advanced technology around the world," said Hyman Schoenblum, Con Edison's vice president for corporate planning. "Working in partnership with corporations like Ambient speeds the process of using state-of-the art technology to enhance the lives of our customers through improved services."
About Ambient Corporation:
Ambient Corporation (OTC BB:ABTG) is a publicly traded company incorporated in the United States that focuses on Powerline Communication telephony-related product offerings, Internet and E-Commerce for a variety of exciting new consumer applications, and a basket of utility related services.
About Consolidated Edison of New York, Inc.
Con Edison is a subsidiary of Consolidated Edison, Inc. (NYSE: ED), one of the nation's largest investor-owned energy companies, with approximately $10 billion in annual revenues and $17 billion in assets. The utility provides electric, gas and steam service to more than three million customers in New York City and Westchester County, New York. For additional financial, operations and customer service information, visit Con Edison's web site at www.coned.com.
This press release may contain forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual future events or results. Readers are referred to the documents filed by Ambient Corporation with the SEC, including the company's most recent report on Form 10-K and 10-Q, which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements.
Ambient is a trademark of Ambient Corporation registered in the U.S. Patent and Trademark Office. Southern Telecom is a registered trademark of Southern Telecom in the United States. All rights reserved.
Hilly Gross, 617/735-9395
For Consolidated Edison:
Michael Clendenin, 212/460-4111
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